Vacant Lot Below 125th St for sale off of Saint Nicholas (Harlem / Morningside) $1450000

This is a clean slate off of Saint Nic! The property has never been built on it doesn’t have any violations or approved plans. However it falls into a special R8A zoning with a commercial overlay, and potential to build 7,344 SF total (not 10,900 gross) before working on any city density incentives. Market rate new development condominium sales in the zip code exceed $1,300 / SF. Sell-out is approximately $7M – $8M or approximately a 1.6x net return. The lot has that commercial overlay which allows the sponsor to retain a commercial unit on the ground floor for additional income. Please do your due diligence and lets make a deal. This is perfect for a 1031 exchange!
Land Use Open space outdoor recreation
Lot Area 1,817 Sq Ft (18 Ftx100.92 Ft )
Zoning R8A
Overlay C1-4
FAR 6
Buildable10,902 Sq Ft